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NEXT ROCKET IN COMMODITY

After looking at the daily chart of copper MCX it seems that copper has complete its corrective phase after a bullish wave till 466.20 made in Feb 2011 and then good correction seen in this counter till 411.20 during march 2011. Now it seems that copper is moving in a descending triangle and now this is ready to break this triangle to resume its bull trend again. 445.20 is 61.8% fib retracement that is drawn from the high of the previous bullish swing to recent low of 411.20. This level can act a minor resistance area but major resistance 460 on closing basis a close above 460 will confirm a fresh bullish swing till 501-558 in near term long term trend is still bullish trend failure will occur only below 394 on weekly closing basis trader can buy in every dip this counter after a confirmation above 446 price targeting around 501-558 in near term.

To learn technical analysis mail me at sunirathi@hotmail.com feel free to ask any doubt regarding technical trading..

Comments

Anonymous said…
fir se naya jackpot call de rahe ho sunil bai greatttttttttt........................:)
April 23, 2011 at 6:28 PM
NIRAV said…
great sir !!!!!!

NIRAV JOSHI
April 23, 2011 at 6:35 PM
RAGHAVAN said…
sunil ji, copper cuts major support@411.2. and contract also closed today. whats next on copper?
whether bearish trend started ah?
April 30, 2011 at 12:20 PM
share market said…
Very efficiently written post. It will be valuable to everyone who uses it, as well as myself. Keep doing what you are doing – looking forward to more posts.
share market
May 21, 2011 at 8:30 AM
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